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Wood Village Urban Renewal Agency committee recommends FY2026–27 budget, approves 100% tax-increment levy
Summary
The Wood Village Urban Renewal Agency budget committee recommended adoption of the FY2026–27 budget and voted to levy 100% of available tax-increment capacity; staff said a drop in assessor change-of-property ratios reduced projected revenue by roughly $90,000 annually.
The Wood Village Urban Renewal Agency budget committee recommended adoption of the agency’s FY2026–27 budget on a voice vote and approved levying 100% of available tax-increment capacity. Presenter (the budget presenter) moved the levy motion: “I move to approve the levy of a 100% of available tax increment capacity on behalf of the Wood Village Urban Renewal Agency,” and the committee recorded ayes with no opposed votes.
In presenting the budget, the presenter said the agency—formed in 2010 and revenue-active since about 2015—faces a reduced projection because the change-of-property ratio for multifamily dropped from about 47% to 35% in 2023, creating an estimated annual revenue shortfall of about $90,000. Staff said the URA is drawing down fund balance to cover debt service (including a $1.2 million interfund loan and a 2020 bond) and recommended keeping a $500,000 placeholder in capital outlay for opportunistic redevelopment work. The committee closed the URA budget hearing and will forward the recommendation to the full board.
